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November 29, 2006 at 03:13 PM
An arbitration panel says Annuity and Life Re (Holdings) Ltd. may be able to move toward an arbitration hearing without supplying $30 million in pre-hearing security.
The panel has denied a request for the pre-hearing security from the other party involved in the proceedings, a unit of Transamerica Occidental Life Insurance Company, Los Angeles, “without prejudice,” according to Annuity and Life Re, Hamilton, Bermuda.
When an arbitration panel denies a request “without prejudice,” that means the party making the request can reformulate the request and submit it again.
In this case, the Transamerica Occidental unit “may refile the motion for reconsideration at a later date, if it can provide a more substantive record to support a ‘good cause’ basis to request interim security,” the arbitration panel says.
